Global News
This is a re-posted press release.
Building on Recent Momentum, Donohue Calls Trade an ‘Antidote to Our Weak Economy and Answer to Doubts About America’s Economic Leadership’
HONOLULU, HI—Ahead the APEC Summit, the U.S. Chamber of Commerce President and CEO Thomas J. Donohue outlined an ambitious American trade agenda today, starting with advancing the Trans-Pacific Partnership agreement and including expanding trade with Europe, deciding on the future of the Doha round, discussing future free trade agreements, advancing foreign investment in the United States, and promoting travel and tourism.
“Trade is not an optional luxury, but an economic imperative”
“Trade is not an optional luxury, but an economic imperative,” Donohue said in today’s address to the Chamber of Commerce of Hawaii. “Increased trade can be an antidote to our weak economy and the answer to doubts about American economic leadership at home and abroad. It can create hundreds of thousands of badly needed jobs without a single tax increase—and without adding a dime to the deficit.”
Building on the momentum of Washington ending its long holiday from the trade debate by passing trade agreements with South Korea, Colombia, and Panama last month, Donohue said “It’s time to think big. It’s time to be bold. It’s time to commit to an aggressive new international trade and investment agenda.”
Donohue outlined the Chamber’s six point plan, including:
Asia-Pacific Trade Agenda: This plan starts with the Asia-Pacific leaders coming together this week to advance the Trans-Pacific Partnership (TPP) Agreement. The Chamber is calling for an agreement that will set new goals and standards on three key emerging issues: state-owned enterprises, regulatory coherence, and the protection of intellectual property.
Transatlantic Opportunities: We can strengthen our partnership with the EU through separate negotiations launched in parallel. This includes an agreement to eliminate tariffs on U.S.-EU trade. Additional agreements would address investment, services, and regulations.
Multilateral Opportunities: The world’s leading economies must underscore their commitment to the World Trade Organization (WTO) and its rules-based trading system. In light of the Doha stalemate, the WTO should assemble a “coalition of the willing” to liberalize trade in services, the most rapidly growing sector of the global economy.
New Partners for Free Trade Agreements: Following up on the completion of our recent trade agreements, the United States should consider new deals with Brazil, Egypt, and India, among others. To seriously begin these talks as well as complete the TPP negotiations, Congress must renew Presidential Trade Promotion Authority.
International Investment: Negotiating more bilateral investment treaties (BITs) will allow the United States to expand the 5 million American jobs that are sustained by foreign investment.
Travel and Tourism: Nationwide, this is a $700 billion industry that provides 7.4 million American jobs. It can be expanded by bringing more countries into the Visa Waiver program and providing adequate resources at our consular posts and our ports of entry. This will reduce the barriers that our visa system imposes on businesses and leisure travel.
Recognizing the realities of advancing these job-creating policies in an election year, Donohue said, “Fearful politicians can always find another reason to tell us to wait. What we need in our country today are leaders—leaders who put it on the line with serious proposals to create jobs and grow the American economy.”
The U.S. Chamber of Commerce is the world’s largest business federation representing the interests of more than 3 million businesses of all sizes, sectors, and regions, as well as state and local chambers and industry associations.
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Source: Press Release, U.S. Chamber of Commerce, Nov. 9, 2011
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